Question-and-Answer Session
Operator
[Operator Instructions]
Our first question comes from the line of Chris Blansett with JP Morgan. Please go ahead.
Christopher Blansett - JP Morgan
Hi, guys. Thanks for taking my call. A couple of things here. Share count was up a bit during the quarter. I want to know why and then, in general, what are you expecting for share count next quarter?
Kenneth T. Joyce - Executive Vice President and Chief Financial Officer
Chris, this is Ken Joyce. The shares were up somewhat, because we had some employees exercise stock options during the period that were several million shares. And the other thing would be is that the two convertible notes that we have are both dilutive at this point in time.
So it would be included in the calculation of the average weighted shares for the quarter. For next quarter, we are looking at shares of around 210 million shares outstanding, fully diluted.
Christopher Blansett - JP Morgan
And then kind of looking at the pricing environment out there, the competitive situation, there has been a lot of chatter that, you know, it's got a little tighter. I'm not sure what you guys are seeing. Your gross margin guidance is fairly consistent with the second quarter. So I wanted to get an update on that.
James J. Kim - Chairman and Chief Executive Officer
We haven't? you know, in the past, we had about average 2% kind of quarterly ASP erosion. But since last year, I think we have seen that stabilized. And last two quarters, I think we have been seeing only about 0.5% erosion of ASP. So I guess, again, this is good practice by all our competitors to hold CapEx relative to the revenue or demand.
So as long as the balance is maintained, I'm reasonably confident, there will always be competitive environment in ASP. But I'm very confident that stability will be maintained.
Operator
Our next question comes from the line of Dave Egan with Lehman Brothers.
David Egan- Lehman Brothers
Hi, guys. Thanks for taking my call. I'm wondering if you were to exclude some of these events, for the modules and what were you talking and in the Flip Chip business, how do you think that we would have seen your revenues grow sequentially this quarter?
James J. Kim - Chairman and Chief Executive Officer
My estimate is roughly? I would say, we may have missed about $35 million to $40 million of revenue. If we had all of those happened, probably would have hit $690 million area.
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